As COVID-19 continues to be a worldwide threat, with normality not looking to return in the immediate future, people have found themselves spending a lot more time at home. If, like most people, you have cleared out the garage, valeted the car and tidied up all your cupboards, then why not use this extra time as an opportunity to review and sort out your financial situation?
Four Wealth Management’s Financial Adviser, Mette Jensen, outlines three areas of your finances that might benefit from being revisited, particularly if you haven’t looked at these areas for a while.
If you have had multiple employers over the years, it is likely you will have several pension pots which can be hard for you to keep track of. Chances are that you have no idea what funds you are invested in, what charges you are paying, or how your investments are performing and that these pots have been left languishing, unloved and unmonitored for many years.
At Four Wealth Management, we can help you understand how much you have already invested in pensions and, most importantly, help you to calculate how this ties in with your retirement goals. If you don’t already have one, we will work with you to work out a financial plan which will help you understand what you need to do to achieve your financial goals.
Cash is no longer king. As governments talk of negative interest rates and the Corona crisis threatens rising inflation, any large amounts of cash will not only not earn any interest, it will suffer the double blow of also being eroded by inflation. If you have any sums of cash that are excess to immediate requirements, particularly in cash ISAs, then now is a really good time to consider investing in other asset classes. With equities lower than they have been for many years as a result of the Corona crisis, now is a really good time to consider a Stocks and Shares ISA or equity-based investments.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested. An investment in a Stocks and Shares ISA will not provide the security of capital associated with a Cash ISA.
The favourable tax treatment of ISAs may not be maintained in the future as they are subject to changes in legislation.
Health, welfare and employment have been at the forefront of most of our minds these past months. Perhaps it’s made you think about what protection you have in place. Do you have any financial protection in place to protect you against the unexpected? When did you last review your existing protection policies? Do you need additional protection?
If you took out life insurance many years ago and now have a family then it is likely that your current cover is inadequate and not the best solution for your current circumstances.
Have you considered what would happen to your family if your income were to stop? If you are unwell and unable to work, there are policies available that can provide you with a set level of income till you recover. Policies generally pay out until retirement, death or until you return to work but there are some shorter-term policies available too.
At Four Wealth Management, we will review your protection policies as part of your overall financial plan every year to make sure your needs are still being met and find the best solution for your circumstances. We can help you with all forms of protection including life insurance, critical illness insurance, income protection, private medical care and long-term care.
To book a no-obligation, free telephone or Zoom meeting with one of our experienced financial advisers to discuss organising your finances, please call us on 0117 973 0500 or visit: www.fourwealthmanagement.co.uk.
Four Wealth Management Ltd is an Appointed Representative of and represents only St. James’s Place Wealth Management (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website at www.sjp.co.uk/products. The title ‘Partner Practice’ is the marketing term used to describe St. James’s Place representatives.